EXAMINING COLLEGE SPENDING AND ITS LINK TO PRICE A Practical Workshop.
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Transcript of EXAMINING COLLEGE SPENDING AND ITS LINK TO PRICE A Practical Workshop.
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EXAMINING COLLEGE SPENDING AND ITS
LINK TO PRICE
A Practical Workshop
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FEATURING
Kathleen Payea, policy analyst, College Board
Matt Hamill, senior vice president of advocacy and
issue analysis, National Association of College and
University Business Officers
Steve Hurlburt, deputy director, Delta Cost
Project, American Institutes for Research
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HOW MANY DON’T LIKE/FEEL UNCOMFORTABLE
WITH…
MATH
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“FOLLOW THE MONEY”
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COST & PRICE ARE HOT STORIES!
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THE BASICS: “STICKER PRICE”
Definition: A college’s published price
But what is “price”?
Published tuition? Nope! A majority of universities now
charge extra fees or “differential tuition” for at least some
of their courses. (See research by Glen Nelson, currently
senior vice president of finance and administration for the
Arizona Board of Regents) And some colleges charge
“fees” not tuition.
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“STICKER PRICE” : DIRECT COSTS V. TOTAL COST OF AT TENDANCE
“Direct costs” = tuition, fees, room & board. Some schools charge
lower tuition because they have high dorm prices that return
profits to the school. Some schools have a “comprehensive fee”
that includes tuition, fees, room and board.
By FEDERAL LAW, colleges are required to “make readily
available to current and prospective students” a full cost of
attendance that includes tuition, fees, room, board, books, travel
and a budget for miscellaneous items. (34 CFR 668.43
unfortunately, the law does not say when, where or how…)
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THE BASICS: “NET PRICE”
Only about half of all college students pay out of their own
pockets the full price that colleges publish.
(http://nces.ed.gov/programs/digest/d11/tables/dt11_353.asp)
2/3 of college students attending full-time get grants (i.e.
discounts from published prices)
85% of freshmen at private universities get grants (i.e.
discounts from published prices.) Average size of discount:
43%. (NACUBO)
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THE BASICS: “COST”
The cost of a college education is not the same as the
price colleges advertise or the price they actually charge
parents.
Yale says its 2012-13 $42,300 tuition is only “about half”
of the true cost of a year’s study. http
://scg.yale.edu/files/frequently-asked-questions
Taxpayers, alumni or other college revenues subsidize
many students who think they are paying “full price.”
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G R E AT S T O R Y E X P O S I N G T H E D I S C O N N E C T B E T W E E N C O S T S A N D P R I C E S
Bloomberg story 5/3/12:
“Rutgers Football Fails Profit
Test as Students Pay $1,000. (Rutgers adds $1k in fees to student bills to cover costs of
football program
http://www.bloomberg.com/news/2012-05-03/rutgers-football-fails-
profit-test-as-students-pay-1-000.html)
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STICKER V. NET:
Kathleen Payea is a Policy Analyst for the College
Board. She co-authors two reports in the College
Board’s Trends in Higher Education series: Trends in
Student Aid and Education Pays.
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PRICE V. COST
Matthew W. Hamill, Senior Vice President,
National Association of College and University
Business Officers
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COSTS & EXPENDITURES
Steven Hurlburt is Deputy Director of the Delta
Cost Project, and a researcher in the Education,
Human Development and Workforce Program at the
American Institutes for Research (AIR)
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DIVE INTO COSTS AT A PRIVATE COLLEGE: 990
Compensation for President, coaches
Total revenues and expenses
Interest
Fundraising costs and gains
Contractors
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RESOURCES: PRICES
Enrollment, graduation rates, tuition, aid, etc. etc.
NCES http://nces.ed.gov/
College prices, aid, return on education:
trends.collegeboard.org
State grants: nassgap.org
Basic financial aid info & stats: finaid.org
Tuition discounting: http://www.nacubo.org
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RESOURCES: COSTS
State budget info: Grapevine
http://grapevine.illinoisstate.edu/
College spending and tuition trends: Delta Cost
Project http://www.deltacostproject.org
Guidestar.org